Maguire Properties Inc. (MPG, Financial) filed Quarterly Report for the period ended 2010-09-30.
Maguire Properties Inc. has a market cap of $148.1 million; its shares were traded at around $3.08 with and P/S ratio of 0.3. Maguire Properties Inc. had an annual average earning growth of 2.2% over the past 5 years.MPG is in the portfolios of David Tepper of APPALOOSA MANAGEMENT LP, Bruce Kovner of Caxton Associates, George Soros of Soros Fund Management LLC, Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC.
In 2008, we announced our intent to dispose of certain assets, which we expect will help us (1) preserve cash, through the disposition of properties with current or projected negative cash flow and/or other potential near-term cash outlay requirements (including debt maturities) and (2) generate cash, through the disposition of strategically-identified non-core properties that we believe have equity value above the debt. In connection with this strategy, in 2009 we disposed of 3.2 million square feet of office space, resulting in the elimination of $0.6 billion of mortgage debt, the elimination of various related recourse obligations to our Operating Partnership (including repayment guaranties, master leases and debt service guaranties) and the generation of $42.7 million in net proceeds (after the repayment of debt) in unrestricted cash to be used for general corporate purposes. During the first nine months of 2010, we closed the following transactions:
As of September 30, 2010, we have executed leases (excluding those related to Properties in Default) that contractually commit us to pay $34.3 million in unpaid leasing costs, of which $10.3 million is contractually due in 2011, $4.7 million in 2012, $0.7 million in 2013 and $13.6 million in 2014 and beyond. The remaining $5.0 million is contractually available for payment to tenants upon request during 2010, but actual payment is largely determined by the timing of requests from those tenants.
As included in the summary table of available leasing reserves shown above, we have $23.4 million in available leasing reserves as of September 30, 2010. We incurred approximately $27 per square foot, $21 per square foot, $40 per square foot and $24 per square foot in leasing costs on new and renewal leases executed during the nine months ended September 30, 2010 and the years ended December 31, 2009, 2008 and 2007, respectively. Actual leasing costs incurred will fluctuate as described above.
Debt Service. As of September 30, 2010, we had $3.9 billion of total consolidated debt, including $1.0 million of debt associated with Properties in Default. Our substantial indebtedness requires us to use a material portion of our cash flow to service principal and interest on our debt, which limits the cash flow available for other business expenses and opportunities. During 2009, we made a total of $263.0 million in debt service payments (including payments funded from reserves), of which $42.8 million related to Properties in Default. During the nine months ended September 30, 2010, we made debt service payments totaling $143.8 million (including
In October 2010, we extended our Plaza Las Fuentes mortgage loan to September 2011. We made a $9.0 million paydown to extend this loan using a combination of $6.4 million of unrestricted cash and $2.6 million of restricted cash held by the lender. See “Subsequent Events.” This loan has two one-year extension options remaining as of September 30, 2010. The extension requirements include, among other things, meeting a debt service coverage ratio test and a loan-to-value test. We currently meet the debt service ratio and loan-to-value tests needed to extend this loan until September 2011. If we are unable to fulfill the extension conditions, we could elect to make a paydown on this loan in order to obtain an extension. The recent $9.0 million paydown and $3.6 million
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Maguire Properties Inc. has a market cap of $148.1 million; its shares were traded at around $3.08 with and P/S ratio of 0.3. Maguire Properties Inc. had an annual average earning growth of 2.2% over the past 5 years.MPG is in the portfolios of David Tepper of APPALOOSA MANAGEMENT LP, Bruce Kovner of Caxton Associates, George Soros of Soros Fund Management LLC, Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
The leasing and capital expenditure, tax, insurance and other working capital and prepaid rent reserves are held in restricted accounts by our lenders in accordance with the terms of our mortgage loan agreements. The collateral accounts are held by our counterparties or lenders under our interest rate swap agreement and other obligations. Of the $38.2 million held in cash collateral accounts by our counterparties as of September 30, 2010, we expect to receive a return of swap collateral of between approximately $4 million to $6 million during the remainder of 2010. In 2011, we expect that our return of swap collateral will be in the range of $18 million to $22 million.In 2008, we announced our intent to dispose of certain assets, which we expect will help us (1) preserve cash, through the disposition of properties with current or projected negative cash flow and/or other potential near-term cash outlay requirements (including debt maturities) and (2) generate cash, through the disposition of strategically-identified non-core properties that we believe have equity value above the debt. In connection with this strategy, in 2009 we disposed of 3.2 million square feet of office space, resulting in the elimination of $0.6 billion of mortgage debt, the elimination of various related recourse obligations to our Operating Partnership (including repayment guaranties, master leases and debt service guaranties) and the generation of $42.7 million in net proceeds (after the repayment of debt) in unrestricted cash to be used for general corporate purposes. During the first nine months of 2010, we closed the following transactions:
As of September 30, 2010, we have executed leases (excluding those related to Properties in Default) that contractually commit us to pay $34.3 million in unpaid leasing costs, of which $10.3 million is contractually due in 2011, $4.7 million in 2012, $0.7 million in 2013 and $13.6 million in 2014 and beyond. The remaining $5.0 million is contractually available for payment to tenants upon request during 2010, but actual payment is largely determined by the timing of requests from those tenants.
As included in the summary table of available leasing reserves shown above, we have $23.4 million in available leasing reserves as of September 30, 2010. We incurred approximately $27 per square foot, $21 per square foot, $40 per square foot and $24 per square foot in leasing costs on new and renewal leases executed during the nine months ended September 30, 2010 and the years ended December 31, 2009, 2008 and 2007, respectively. Actual leasing costs incurred will fluctuate as described above.
Debt Service. As of September 30, 2010, we had $3.9 billion of total consolidated debt, including $1.0 million of debt associated with Properties in Default. Our substantial indebtedness requires us to use a material portion of our cash flow to service principal and interest on our debt, which limits the cash flow available for other business expenses and opportunities. During 2009, we made a total of $263.0 million in debt service payments (including payments funded from reserves), of which $42.8 million related to Properties in Default. During the nine months ended September 30, 2010, we made debt service payments totaling $143.8 million (including
In October 2010, we extended our Plaza Las Fuentes mortgage loan to September 2011. We made a $9.0 million paydown to extend this loan using a combination of $6.4 million of unrestricted cash and $2.6 million of restricted cash held by the lender. See “Subsequent Events.” This loan has two one-year extension options remaining as of September 30, 2010. The extension requirements include, among other things, meeting a debt service coverage ratio test and a loan-to-value test. We currently meet the debt service ratio and loan-to-value tests needed to extend this loan until September 2011. If we are unable to fulfill the extension conditions, we could elect to make a paydown on this loan in order to obtain an extension. The recent $9.0 million paydown and $3.6 million
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